India's textile industry is projected to reach 350 billion dollars by 2030 with a forecasted investment of over Rs 90,000 crore expected to be channeled through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme within the next 3-5 years, as announced by the textiles ministry.
“India’s textiles sector is set for significant expansion, with an 11% year-on-year growth in readymade garments of all textiles exports…signaling a bright future,” the reference figures are made to the August export.
Seven parks have been given the green light under the MITRA program nationwide, with each park expected to attract investments totaling Rs 10,000 crore. These parks are anticipated to generate around 100,000 direct positions and 200,000 indirect job prospects.
The ministry announced, “PLI Scheme, with a total projected investment of over Rs 28,000 crore, projected turnover of over Rs 2 lakh crore,” emphasizing the goal to generate more than 250,000 jobs by enhancing the manufacturing of manmade fiber (MMF) clothing, technical textiles, and fabrics to aid the textile industry increase its operations.
The ministry also mentioned that the growing number of investment decisions in the pipeline are “healthy portents for the industry.”
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